Big Data continues to be the buzzword inside the technology and business space for quite a while now and is also showing no signs to cease. Engineers, mathematicians and computer scientists from all over the world are being hired by big names in business to tame and leverage the tremendous potential of big data analytics. The change is really powerful that it has almost erased all previous methods of decision making and will probably be the prime mover of companies, government departments and societies on a global scale.
Essentially, big data and advanced algorithms, in conjunction with high quantity of computing resource, crunches numbers and churns out probabilities and correlations – both weapons for any management team. For instance, the HR and recruitment team of the company would be happy to get insights on the chance of a whole new recruits attrition. The board members would be glad to know the correlation between national GDP, an executive’s skill-set and his awesome likelihood of sabotaging the business, before you take him on board!
On the other side would be the clients and customers for any services or products, who would be interested to find out the probability that the claims made by the producer or even the company could be justified in the end results. To illustrate the idea, we shall go ahead and take travel and hospitality industry as a case study and build the arguments on that basis.
The Alexander Mirza has 2 kinds of customers – the initial category includes seasonal customers who plan month prior to taking a lengthy vacation and also the second one would be the random ones. If somebody is among the second category and desires to travel frequently, stay in hotels and do stuff on the move, there is little big data based predictive models can perform to reduce costs. However, the first category can be a big gainer with the help of predictive models that operates on the big data framework.
Mathematicians and computer scientists can make highly complex algorithms that give rise to artificial intelligence with unimaginably great deal of data crunching capacities. Such infrastructures are dreihy able to running programs rich in resource requirement and in turn, can churn out probabilities and correlations between remotely related parameters.
For instance, scientists have successfully developed and tested predictive mathematical models that will show a regular customer the optimum time and route for travel, so that a vacation may be planned with minimum cost. Such models can suggest, as an example, which a person should purchase plane tickets from X airlines exactly five days later for going to Barcelona after exactly forty 3 days, where the tariffs of hotels A, B and C is anticipated to be minimum, the climate is anticipated to become pleasant and also the overall chance of enjoying a relaxing vacation is extremely high. If one wants to calculate the optimum itinerary for a visit to Spain, it could also be done easily.
The big data paradigm feeds on astronomical volumes of data and statistical methods claim that greater the sample size better is the accuracy of the stochastic output. In today’s age, there is not any dearth of web data and therefore, big data analytics is working fine for companies that are adding value to people’s lives by application appropriate techniques. When it comes to the hospitality industry, Hotel And Ticket Booking Companies can also apply these techniques independently or outsource exactly the same to experts, to enable them to provide real and unique values with their customers. These could be a great strategy to allow them to win customer loyalty, as being a customer will surely return to the booking provider once he realize that while others have bought expensive tickets, he has been benefited from the booking agent’s advice!